How Should a Beginner Budget?

Published on March 21, 2021 by Lauren

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  • In the simplest form, a budget is really just your income and expenses over a set time frame. If you aren’t used to budgeting or tracking your money in any way for that matter, this might seem a little scary. I used to think that way too. So I fell into a trap of spending a lot unconsciously without enough income to pay for the purchases I was making. I was quickly in over $40,000 of debt. Since then, I have learned about budgets and how empowering it can be to have awareness around your money.
    how should a beginner budget

    How Should a Beginner Budget?

    Using a tool like a budget planner can be helpful. This is a great way to stay organized and there are other benefits too. Remember each month will be unique, so don’t fill in your planner too much ahead of time. Go month-to-month and plan out your budget before the month starts.
    Inside your planner, you can keep track of things like when your checks are being deposited, when your bills are due, or any special expenses you might have coming up (car maintenance, annual insurance premiums, gifts for special occasions, etc.)
    A key thing to keep in mind is that except for emergencies, you should not be spending more than you are taking in. If you find your budget is coming out each month with more expenses than income, revisit your plan and make some adjustments either by trimming your spending or increasing your income.
    Next, gather your resources. You may have to be creative on this one and look to see what you might be able to resell or consider starting a side hustle until you can find consistent, reliable income.
    Learning how to budget doesn’t have to be hard, and it doesn’t require you sacrificing your life. I’m a strong advocate that taking the time to budget will improve your life and help you achieve your goals, no matter what they are.

    Review How Should a Beginner Budget:

     A budget is a great way to plan your income and expenses so you can make financial decisions in line with your values.
    1. Get a clear picture of your finances.
    2. Know your values and your goals.
    3. Decide on the type of budget you plan to follow.
    4. Use a budget planner to help keep you organized.
    5. Understand that while a budget keeps you on track, it can change each month and there will be unexpected things that come up. It’s best to be prepared for them in advance so you don’t resort to credit.
    6. You can even start a budget with no money, and it will help you from accumulating a lot of debt until your income becomes sustainable.

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